Shehbaz Sharif: Pakistan's New PM Vows to Rebuild Economy

Islamabad, Mar 3 (PTI) Pledging to revive Pakistan's debt-trapped economy and eradicate terrorism, newly-elected Prime Minister Shehbaz Sharif on Sunday said his government would not allow the country to become part of some "great game" and would maintain cordial relations with neighbours based on the principles of equality.

In his victory speech in the National Assembly soon after he was elected as the 24th prime minister and for a second time since 2022, the 72-year-old profusely thanked his elder brother and three-time former premier Nawaz Sharif and allies for putting their trust in him and allowing him to head a coalition government after last month's election resulted in a hung Parliament.

While Shehbaz secured 201 votes, his challenger Omar Ayub Khan of jailed former prime minister Imran Khan's Pakistan Tehreek-e-Insaf (PTI) got only 92 votes in the election held at the newly-elected National Assembly.

Shehbaz said that as no party secured a clear parliamentary majority, it was "the democratic way" that "like-minded parties may form a coalition government".

Following the February 8 marred by allegations of vote rigging, the Pakistan Muslim League Nawaz (PML-N) headed by Nawaz Sharif, reached a coalition deal with the Pakistan Peoples Party (PPP) led by former foreign minister Bilawal Zardari-Bhutto.

This post-poll deal effectively ensured that jailed former prime minister Imran Khan's PTI party would not return to power though independent candidates backed by it won the maximum number of seats in Parliament.

Amidst vociferous sloganeering by the members of Imran Khan's party members against alleged "mandate thieves," Shehbaz warned that Pakistan was facing an alarming debt crisis where even the expenditures of the National Assembly were being paid by borrowing money.

He said that his government would work hard and set a goal to become a member of G20 countries by 2030. The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.

He said that Pakistan would not become part of any "great game" and his government would increase the number of friends.

He pledged to build and improve ties with all leading nations, including its neighbours.

"We will keep ties with neighbours on the basis of equality,” Shehbaz said.
Shehbaz, however, raked up the Kashmir issue and equated it with Palestine. “Let's all come together […] and the National Assembly should pass a resolution for the freedom of Kashmiris and Palestinians,” he added.

Shehbaz said that his elder brother has never even thought of harming the country, unlike his opponents.

“This is the difference between this leadership and that leadership […] the entire assembly is witness to the fact that we never thought of the politics of revenge.

“Never was once a pot broken, nor was any building ever damaged […] but it shameful that the country saw a day when GHQ, corps commander houses, airfields were attacked on May 9,” Shehbaz said, referring to the unprecedented attacks following Khan's arrest in an alleged corruption case last year.

He said that perpetrators of the May 9 riots will not be forgiven, vowing action against all those who were involved in the riots.

Shehbaz also promised to end terrorism in the country and address its root causes. He said his government aims to take the National Action Plan (NAP) forward.

In his address, Shehbaz said Pakistan had a big challenge and opportunity before it.

“If we come together and decide to change the fate of Pakistan […] then God willing, we will defeat these challenges and take Pakistan to its rightful position,” he said.

He said that this job was difficult but not impossible.

Shehbaz said that Pakistan is facing an alarming debt crisis where even the expenditures of the National Assembly were being paid by borrowing money.

“But if we decide to do a deep surgery and bring changes in the system, basic reform […] and I have no doubt that Muhammad Nawaz Sharif, Asif Ali Zardari and others will agree that we can either get rid of a life of debt or we move forward with heads down in shame.

“No this will not happen, we will rise and we will make Pakistan self-sufficient,” he said.

He said the country was facing challenges primarily due to the fragile economy. He said that he was starting his tenure when the country was facing a budgetary deficit of more than one trillion rupees.

“How we will pay the salaries for armed forces and how to pay the civil servants,” he wondered and added that reforming the economy was the biggest challenge faced by the country.

Shehbaz highlighted the burden of debt paying and said that the country was required to pay billions of rupees in interest only.

He highlighted that the energy sector was crumbling due to the accumulating debt owed by the country to the power-producing companies. He also said that state-owned entities like Pakistan International Airlines (PIA) were running into losses worth billions of rupees.

He promised to put the country on the path of development.

“Though it is easier said than done, we will fulfil our task,” he said.

Terming the agriculture sector as the economy's backbone, Shehbaz said that his government would provide subsidies to the farmers.

He also promised to bring investment into the country and create economic conditions that would spur economic growth.

Shehbaz was first sworn in as Pakistan's prime minister in April 2022, after Imran Khan was dramatically ousted from power in a parliamentary no-confidence vote.